May 20, 2016
The ARRC Publishes Interim Report

The Alternative Reference Rates Committee (ARRC) today released an Interim Report and Consultation summarizing its progress in narrowing the set of potential rates that might be chosen as an alternative to U.S. dollar LIBOR and in considering potential plans for transition to the chosen rate.

Press Release of the Interim Report and Consultation
Update: The timing of the roundtable hosted by the ARRC on June 21, 2016 has been revised to 2:30 to 4:30 p.m., not 9:30 to 11:30am, as indicated in the original press release.
Frequently Asked Questions on the Interim Report
Note: The FAQs will be posted as questions are received
Comments Received on the ARRC Interim Report
Note: Any e-mail comments received will be posted here as they are received without alteration except when necessary for technical reasons. Unless otherwise requested, comments received will be posted with attribution.

Solicitation of Interest in Joining New Advisory Group to the ARRC
The Alternative Reference Rates Committee (ARRC) convened by the Federal Reserve has formed a new advisory group to assist it in developing input from a broad range of market participants as it finalizes its recommendations for an alternative reference rate and transition strategy. The ARRC sought expressions of interest from firms that have significant visibility into the markets that currently utilize U.S. dollar (USD) LIBOR as a benchmark rate as well as firms that otherwise could provide views representing key segments of USD LIBOR-related markets.

The ARRC announced the formation of the advisory group on November 16, 2016. The current list of advisory group participants can be viewed here. The composition of this advisory group may change over time, as different topics are addressed.

About Us

The Financial Stability Oversight Council (FSOC) recommended in its 2014 Annual Report that U.S. regulators cooperate with foreign regulators, international bodies, and market participants to promptly identify alternative interest rate benchmarks anchored in observable transactions and supported by appropriate governance structures, and to develop a plan to accomplish a transition to new benchmarks while such alternative benchmarks were being identified. Greater reliance on alternative reference interest rates will make financial markets more robust and thus enhance the safety and soundness of individual institutions, make financial markets more resilient, and support financial stability in the United States. The Financial Stability Board (FSB) has also called for the development of alternative, nearly risk-free reference rates.

In response to the FSOC's recommendations and the objectives of the FSB, the Federal Reserve convened the Alternative Reference Rates Committee (ARRC) on November 17, 2014 in a meeting with representatives of major over-the-counter (OTC) derivatives market participants and their domestic and international supervisors and central banks. The ARRC was convened to identify a set of alternative reference interest rates that are more firmly based on transactions from a robust underlying market and that comply with emerging standards such as the IOSCO Principles for Financial Benchmarks and to identify an adoption plan with means to facilitate the acceptance and use of these alternative reference rates. The ARRC was also asked to consider the best practices related to robust contract design that ensure that contracts are resilient to the possible cessation or material alteration of an existing or new benchmarks.

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